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Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock Options Activity

Activity in the Company’s stock option plans for the three months ended March 31, 2017 and March 31, 2016 was as follows:

Summary of Options Activity

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Number

 

 

Average

 

 

Number

 

 

 

of

 

 

Exercise

 

 

of Options

 

 

 

Options

 

 

Price

 

 

Exercisable

 

Outstanding as of January 1, 2017

 

 

571,883

 

 

$

22.37

 

 

 

234,564

 

Granted

 

 

—

 

 

 

—

 

 

 

—

 

Exercised

 

 

(3,133

)

 

 

18.41

 

 

 

—

 

Forfeited

 

 

(1,627

)

 

 

19.46

 

 

 

—

 

Expired

 

 

(3,824

)

 

 

26.15

 

 

 

—

 

Outstanding as of March 31, 2017

 

 

563,299

 

 

$

22.46

 

 

 

288,366

 

Options vested or expected to vest(1)

 

 

417,637

 

 

$

19.64

 

 

 

—

 

 

(1)

Includes vested Options and nonvested Options after the application of a forfeiture rate, which is based upon historical data.

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Number

 

 

Average

 

 

Number

 

 

 

of

 

 

Exercise

 

 

of Options

 

 

 

Options

 

 

Price

 

 

Exercisable

 

Outstanding as of January 1, 2016

 

 

509,097

 

 

$

23.84

 

 

 

163,443

 

Granted

 

 

123,739

 

 

 

21.08

 

 

 

—

 

Exercised

 

 

(110

)

 

 

16.80

 

 

 

—

 

Forfeited

 

 

(12,619

)

 

 

26.19

 

 

 

—

 

Expired

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding as of March 31, 2016

 

 

620,107

 

 

$

23.24

 

 

 

—

 

Options vested or expected to vest(1)

 

 

464,458

 

 

$

24.44

 

 

 

—

 

 

(1)

Includes vested Options and nonvested Options after the application of a forfeiture rate, which is based upon historical data.
Summary of Weighted Average Assumptions Used to Calculate Fair Value of Option Granted

Significant weighted average assumptions used to calculate the fair value of the Options granted during the three months ended March 31, 2017 and 2016 are as follows:

 

 

 

For the Three

 

 

 

Months Ended

 

 

 

March 31,

 

 

 

2017

 

 

2016

 

Weighted average fair value of Options granted

 

$

—

 

 

$

5.90

 

Weighted average risk-free rate of return

 

 

—

 

 

 

1.29

%

Weighted average expected option life in months

 

 

—

 

 

 

50

 

Weighted average expected volatility

 

 

—

 

 

 

33

%

Expected dividends(1)

 

$

—

 

 

$

—

 

 

(1)

The fair value of future grants of Options will be impacted by the issuance of quarterly cash dividends.

Summary of Nonvested Stock Award Activity

A summary of the Company’s nonvested Stock Award activity during the three months ended March 31, 2017 and 2016 are presented in the following tables:

Summary of Nonvested Stock Award Activity

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Grant

 

 

 

Number

 

 

Date

 

 

 

of

 

 

Fair

 

 

 

Shares

 

 

Value

 

Nonvested Stock Awards outstanding, January 1, 2017

 

 

254,976

 

 

$

20.18

 

Issued

 

 

102,710

 

 

 

26.16

 

Vested

 

 

(13,013

)

 

 

16.80

 

Forfeited

 

 

(940

)

 

 

19.21

 

Nonvested Stock Awards outstanding, March 31, 2017

 

 

343,733

 

 

$

21.85

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Grant

 

 

 

Number

 

 

Date

 

 

 

of

 

 

Fair

 

 

 

Shares

 

 

Value

 

Nonvested Stock Awards outstanding, January 1, 2016

 

 

279,964

 

 

$

18.42

 

Issued

 

 

48,158

 

 

 

15.17

 

Vested

 

 

(1,429

)

 

 

16.80

 

Forfeited

 

 

(8,813

)

 

 

14.61

 

Nonvested Stock Awards outstanding, March 31, 2016

 

 

317,880

 

 

$

18.04